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Nirmal Bang Report
Private life insurers have seen healthy growth during July-August 2024 and we expect the momentum to continue in Sep-24.
We expect Q2 FY25 VNB margins to be range-bound. New regulatory guidelines on early exit surrender pay-outs (applicable from Oct-24) are likely to hurt insurer margins. Valuations remain subdued due to regulatory challenges.
Maintain Buy on ICICI Prudential Life Insurance Company Ltd. (target price of Rs 850 at 2.2 times FY26E price/embedded value).
Key monitorables from Q2 FY25 results are:
Growth guidance for FY25/FY26E,
The impact of early exit surrender pay-outs on margins.
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